Enterprise Secretary Kwasi Kwarteng has instructed BT that the Authorities will look at French billionaire Patrick Drahi’s elevated 18 p.c stake within the firm over nationwide safety issues.
Altice, the telecoms firm’s greatest shareholder, elevated its stake from 12.1 p.c to 18 p.c in December final yr, growing fears that the enterprise may very well be ripe for a takeover.
The Authorities will now search to look at the transfer utilizing “call-in powers” underneath the brand new Nationwide Safety and Funding Act.
Mr Kwarteng may have the facility to both clear the transfer or, “if obligatory and proportionate”, impose sure circumstances on the funding or block it utterly.
BT mentioned in a press release that the group "will totally cooperate with this assessment".
On saying his funding final yr, Mr Drahi mentioned he had no plans to take the enterprise personal, as he snapped up an additional 585 million shares to extend his stake.
The Authorities mentioned it was “monitoring” the funding on the time.
Post a Comment